CTO Realty Growth Appoints Philip R. Mays as CFO

CTO Realty Growth, Inc. (NYSE: CTO) has announced the appointment of Philip R. Mays as the Senior Vice President, Chief Financial Officer, and Treasurer of the company, effective June 17, 2024. Mr. Mays brings with him a wealth of experience, having previously served as the Chief Financial Officer of Shadowbox Studios and Cedar Realty Trust, Inc., as well as holding various accounting and finance positions, including at Federal Realty Investment Trust and Ernst & Young LLP.

Upon Mr. Mays's appointment, he will act as the company's principal financial officer, while Lisa M. Vorakoun will resume her role as Senior Vice President and Chief Accounting Officer of the company.

John P. Albright, the President and CEO, expressed excitement about Mr. Mays joining the CTO and Alpine team, citing his experience in the public REIT CFO and finance sector as a valuable addition. Mr. Albright also highlighted Mr. Mays's relationships within the retail shopping center REIT sector, emphasizing their potential value to the company and their complementarity with the existing executive team's strengths.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust with a portfolio of high-quality, retail-based properties primarily located in high-growth markets in the United States. The company also externally manages and owns a significant interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

It's worth noting that the company encourages reviewing its most recent investor presentation and supplemental financial information, available on its website.

The announcement marks a significant change in the company's financial leadership, with Mr. Mays set to bring his extensive experience to the role of Chief Financial Officer and Treasurer, indicating a potential shift in the financial management and strategy of CTO Realty Growth, Inc. Following these announcements, the company's shares moved 0.5%, and are now trading at a price of $17.76. For more information, read the company's full 8-K submission here.

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